REC 3.5 Disciplinary action and events relating to members of the management body

Disciplinary action

REC 3.5.1R

Where any member of the management body2 of a UK recognised body:

  1. (1)

    is the subject of any disciplinary action because of concerns about his or her2 alleged misconduct; or2

  2. (2)

    resigns as a result of an investigation into his or her2 alleged misconduct; or

  3. (3)

    is dismissed for misconduct;

that body must immediately give the FCA1 notice of that event, and give the information specified for the purposes of this rule in REC 3.5.2 R.

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REC 3.5.2R

The following information is specified for the purposes of REC 3.5.1 R:

  1. (1)

    the name of the member of the management body2 and his or her2 responsibilities within the UK recognised body;

  2. (2)

    details of the acts or alleged acts of misconduct by that member of the management body2; and

  3. (3)

    details of any disciplinary action which has been or is proposed to be taken by that body in relation to that member of the management body2.

Other events

REC 3.5.3R

Where a UK recognised body becomes aware that any of the following events has occurred in relation to a member of the management body2, it must immediately give the FCA1 notice of that event:

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  1. (1)

    a petition for bankruptcy is presented (or similar or analogous proceedings under the law of a jurisdiction outside the United Kingdom are commenced) against that member of the management body2; or

  2. (2)

    a bankruptcy order (or a similar or analogous order under the law of a jurisdiction outside the United Kingdom) is made against him or her2; or

  3. (3)

    he or she2 enters into a voluntary arrangement (or a similar or analogous arrangement under the law of a jurisdiction outside the United Kingdom) with his or her2 creditors.